Dateline: 12/06/2000
SCHAUMBURG, IL. -- Zurich U.S., a leading commercial property and casualty insurance provider, announced its ZFusionSM product. ZFusion is Zurich’s first blended coverage that combines Directors and Officers (D&O), Errors and Omissions (E&O), Fiduciary, Fidelity, and Employment Practices Liability Insurance (EPLI) for mid-size to large financial institutions, including commercial banks, investment banks, investment firms, insurance companies, and other diversified financial companies.
ZFusion offers a modular approach that allows insureds to select any combination of D&O, E&O, Fiduciary, Fidelity and EPLI coverages. Each coverage section comes with insuring agreements, conditions and exclusions that are specific to that type of coverage. The policy is available worldwide, and with annual or multi-year policy terms. ZFusion can provide limits of liability of $50 million to $100 million on both a primary and excess basis.
"We believe this streamlined, efficient and customer-focused approach will become the industry standard for blended coverage," said Ed Velasquez, Senior Vice President for Zurich U.S. Diversified Financial Institutions group. "ZFusion focuses on the unique business and economic needs of the financial institution customer. We work with our insureds to meet their coverage needs by tailoring the mix of financial coverages. By combining coverages in a single policy with one aggregate limit, and spreading the limit over a multi-year policy term, we make it possible for customers to reduce their insurance costs, while purchasing significant protection for their organization and insured individuals," Mr. Velasquez added.
The Diversified Financial Institutions group at Zurich U.S. Specialties developed this policy in conjunction with the claims, underwriting and legal departments, resulting in policies which offer broad coverage, clear language, and the flexibility that customers want.
Zurich U.S. (www.zurichna.com) is a leading commercial property-casualty insurance provider serving the multinational, middle market and small business sectors in the United States. Headquartered in Schaumburg, Ill. and operating in all 50 states and the District of Columbia, Zurich U.S. has 6,400 employees and assets of $10.2 billion. The company writes more than $4 billion in annual premiums. Zurich U.S.’ business units are Enterprise Risk, Diversified Products, Small Business, Construction, Global Energy, Specialties, Zurich Services and Fidelity & Deposit. Zurich U.S. is a member of the Zurich Financial Services Group, a global leader in the financial industry. Zurich U.S. is rated A+ (Superior) by A.M. Best and AA+ (Excellent) by Standard & Poor’s.
The Zurich Financial Services Group (www.zurich.com) provides its customers with solutions in the area of financial protection and asset accumulation, concentrating in four core businesses: life insurance, non-life insurance, reinsurance and asset management. Headquartered in Zurich, Switzerland, the Group's worldwide presence builds on strong positions in its three home markets: the United States, the United Kingdom and Switzerland. Zurich Financial Services Group has offices in more than 60 countries, employs 68,000 people and reaches 33 million customers.